"03 February 2022" Archive

Clarification on Most-Favoured-Nation clause in Protocol to India’s DTAAs

Circular No. 3/2022-Income Tax 03/02/2022

The Central Board of Direct Taxes (CBDT) has received representations seeking clarity on the applicability of the MFN clause (particularly to dividend withholding rates) available in the Protocol to some of the DTAAs with OECD member States. India's DTAAs with countries, namely Slovenia, Colombia and Lithuania, provide for lower rate of s...

CENVAT credit cannot be denied due to invoice issued in the name of head office having with centralised registration

Godrej & Boyce Mfg. Co. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)

CENVAT credit cannot be denied due to the reason that the invoices were issued in the name of head offices with centralised registration. The purpose of taking centralized registration is to help the manufacturer for availment of credit as well as distribution of credit....

Unauthorised forex trading platforms – Advisory and FAQs

Press Release: 2021-2022/1660 03/02/2022

RBI has noticed misleading advertisements of unauthorised Electronic Trading Platforms (ETPs) offering forex trading facilities to Indian residents, including on social media platforms, search engines, Over The Top (OTT) platforms, gaming apps and the like....

Negative blocking of ITC not allowed: Gujarat HC

Samay Alloys India Pvt. Ltd. Vs State of Gujarat (Gujarat High Court)

HC held that condition precedent for exercise of power under Rule 86A of the GST Rules is the availability of credit in the electronic credit ledger which is alleged to be ineligible. If credit balance is available, then the authority may, for reasons to be recorded in writing, not allow the debit of amount equivalent to such credit. Howe...

Virtual Digital Asset – Taxation & uncertainties affecting it’s taxation?

What is a Virtual Digital Asset, how will it be taxed and what are the various uncertainties affecting it’s taxation? Amidst the craze and fanfare of cryptocurrencies and NFTs, while the crypto and NFT traders, investors and enthusiasts were consumed in experiencing the daily ups and downs of the market, the Govt of India has [&hell...

Posted Under: Income Tax |

Creative Touch-5 series Interactive Flat Panel classifiable under sub-heading CTH 84714190

In re Audio Distribution House Pvt. Ltd (CAAR Mumbai)

In re Audio Distribution House Pvt. Ltd (CAAR Mumbai) CAAR hels that Creative Touch 5-series Interactive Flat Panel (IFP) merit classification under sub heading 84714190 of the first schedule to the Customs Tariff Act, 1975. FULL TEXT OF ORDER OF CUSTOMS AUTHORITY OF ADVANCE RULING, MUMBAI M/s. Audio Distribution House Pvt. Ltd. (hereinaf...

Posted Under: Income Tax | |

HDPE woven fabrics (uncoated/one-side coated/double-side coated) classifiable under sub-heading 3926 9099

In re Harmony Plastics Pvt Ltd (CAAR dELHI)

Taking into account the detailed submissions of the applicant, including the likely usage of the article under consideration, absence of specific heading/ sub-heading for HDPE woven fabric in Chapter 39, positive mention of the dust sheet in Explanatory Note to Heading 3926, I find that HDPE woven fabrics (uncoated/one-side coated/double-...

Posted Under: Income Tax | |

Amazon Fire TV Stick 4K Max classifiable under sub-heading 8517 62 90

In re Amazon Wholesale India Private Ltd (CAAR Delhi)

In re Amazon Wholesale India Private Ltd (CAAR Delhi) CAAR held that HDMI Digital Media Receiver [model number K2R2TE] is also a reception apparatus for voice, image and other data in a wireless network such as LAN/WAN. It is a reception apparatus with an inbuilt PCB and software containing many applications which run on Over […]...

Posted Under: Income Tax | |

Business restructuring – plugging loopholes, easing bottlenecks but lacks bold play

Amidst high inflation risk and continuing Covid uncertainties, Union Budget 2022 has provided a booster dose of CapEx spending with an objective of achieving an economic multiplier effect to inoculate against future disruptions. With hardly any room for changes to the personal and corporate income tax structure, the spotlight is on ease o...

Posted Under: Income Tax |

CBIC Notifies Rate of Exchange of Foreign Currencies wef 03.02.2022

Notification No.08/2022 - Customs (N.T.) 03/02/2022

CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 4th February, 2022 vide Notification No. 08/2022- Customs (N.T.) | Dated: 3rd February, 2022. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ***** Notification No. 08/2022 – Customs (...

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